Construction Estimating Software Market Segmented By construction accounting, construction management, construction suites, project management Product for Builders & Contractors, Construction Managers, Engineers & Architects
Report ID: PMRREP33110
Number of Pages: 319
Format: PPT*, PDF, EXCEL
Industry: IT and Telecommunication
Published Date: May-2024
With growing digitalization, the market for construction estimating software is likely to flourish, garnering US$ 556.0 Million and exhibiting a 4.5% CAGR from 2022-2032. The market is estimated at US$ 340.0 Million in 2021 and is likely to exhibit Y-O-Y increase of 5.1% to be valued at US$ 357.4 Million in 2022.
“Rapid digitalization in the construction sector is likely to play the most important role in driving the market in the forecast period.
Recent changes in the construction industry, such as cloud computing have significantly increased the demand for the construction estimating software market as construction estimating software has the ability to improve the accuracy and speed of the total estimation process of a construction project, this makes it a suitable option among the end-users.
| Attributes | Details |
|---|---|
|
Construction Estimating Software Market CAGR (2022-2032) |
4.5% |
|
Construction Estimating Software Market Size (2022) |
US$ 357.4Million |
|
Construction Estimating Software Market (2032) |
US$ 556.0 Million |
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Increased Construction Spending and development of Infrastructure Sector to accelerate Market Growth
The construction estimating software market is predicted to develop due to rising urbanization, an increase in construction activities, and low-cost solutions provided by cloud-based deployment contributing to the growth of the market.
Construction estimating software helps commercial construction firms streamline their workflows and maximize productivity by digitalizing their preconstruction process this leads to accurate estimates, and improved construction bidding. Globally, rising construction spending is expected to be one of the long-term factors driving sales in the market over the forecast period.
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Get a Customized VersionThe construction estimating software market is largely driven by the growing preference for construction estimating software by construction companies over generic software. Increasing demand for cloud-based enterprise applications and their easy access through smartphones are some of the major factors driving the growth of the construction estimating software market. Earlier the construction estimation was carried out through spreadsheets or manually, which was time-consuming.
But the introduction of IoT in construction estimating software has made the job easy by maximizing workflow effectiveness and providing an accurate estimation of the cost of the raw materials. The rapid growth of the construction sector in recent time and the growing demand for high technology adoption in developed infrastructure drives the growth of the market.
Lack of awareness and improper selection of construction estimating software, a threat from open-source and free construction management software may impede the growth of the market in the coming years. Also, growing threats to data security and the high deployment cost of the construction estimating software are some of the prominent factors anticipated to hinder the market's growth during the forecast period.
Lack of awareness of the operational effectiveness and other benefits of the technologically advanced systems is another factor projected to have a negative impact on the growth of the construction estimating software market over the forecast period.
| Attributes | Construction Estimating Software Market |
|---|---|
|
CAGR (2022-2032) |
4.5% |
|
Market Value (2032) |
US$ 556.0 Million |
|
Growth Factor |
The increasing need to track expenses, prevent errors, and manage a job's budget both before and during the project's lifecycle is expected to drive the market in the forecast period. |
|
Opportunity |
Technological innovation and advancement are expected to offer lucrative opportunities to the market. |
| Attributes | Construction Accounting Software Market |
|---|---|
|
CAGR (2022-2032) |
10.2% |
|
Market Value (2032) |
US$ 1578 Million |
|
Growth Factor |
Enhancing data security to prevent data loss is expected to drive the market in the assessment period. |
|
Opportunity |
The booming construction industry and rising penetration of ERP modules in the construction industry are expected to offer lucrative opportunities to the market. |
| Attributes | Construction Management Software market |
|---|---|
|
CAGR (2022-2032) |
10.5% |
|
Market Value (2032) |
US$ 4.5 Billion |
|
Growth Factor |
Increasing application of lean management in construction-related operations and focus on maintenance of regular follow-ups are expected to drive the market in the forecast period. |
|
Opportunity |
The surging technological advancement is anticipated to offer significant opportunities to the market. |
As per the analysis, by end-user, the builders & contractors segment is expected to lead the market during the forecast period. The segment is anticipated to have witnessed a 4.9% CAGR from 2015 to 2021.
Whereas, during the forecast period, the segment is estimated at a 4.4% CAGR. Builders and contractors use construction estimating software to improve the speed and accuracy of the total estimation process of a construction project.
Based on product, the construction accounting segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 4.5% during the forecast period. The segment is expected to have experienced a CAGR of 5.1% during the timeframe of 2015-2021.
The construction accounting segment is among the major application of construction estimation software used to keep track of financial information/data for multiple business divisions of a single enterprise and payroll management, and inventory management for analyzing the cost. As construction accounting helps in managing the project in an efficient manner thus it remains the preferred choice for the construction estimating software market.
| Regions | CAGR |
|---|---|
|
United States |
4.3% |
|
U.K |
3.2% |
|
China |
3.9% |
|
Japan |
2.9% |
|
South Korea |
2.5% |
As per the analysis, North America is expected to lead the market during the forecast period. In the region, the U.S is expected to lead the market in the assessment period. The absolute dollar growth is projected at US$ 68.0 Million. The region is predicted to expand at a CAGR of 4.3% during the forecast period from 2022-2032. The growth of the region can be credited to the adoption of advanced technologies, such as cloud computing and the Internet of Things (IoT), and high industrialization in-country.
Also, the presence of construction associations such as the Construction Management Association of America (CMAA) and Associated General Contractors of America further contribute to the construction industry growth. A growing number of infrastructural projects such as the development of commercial infrastructures, including airports, hospitals, hotels, office buildings, and universities are resulting in regional revenue generation in the construction industry. All these factors are expected to drive the growth of the regional market over the forecast period.
Europe is anticipated to be a lucrative market during the forecast period. In the region, the U.K is anticipated to make the most significant contribution to developing the region. According to the analysis, the U.K market size is estimated at US$ 22.9 Million while expanding at a CAGR of 3.2% during the forecast period from 2022-2032.
Growth can be attributed to the rapid digitalization across the construction industry, and the increasing focus of construction companies on adopting new technologies for streamlining the workflow.
APAC is projected to be the fastest-growing region during the forecast period. The rapid development of the region can be attributed to the presence of fast-developing countries like South Korea, China, and Japan. As per the analysis, China is anticipated to expand at a maximum CAGR of 3.9% during the forecast period.
South Korea and Japan are likely to exhibit a growth rate of 2.5% and 2.9% respectively from 2022-2032. However, with respect to the market size, China is projected to lead the region, garnering US$ 40.0 Million during the forecast period. On the other hand, South Korea and Japan are anticipated at US$ 20.1 Million and US$ 32.2 Million respectively.
Key players in the global construction estimating software market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some of the eminent players in the region include Autodesk, Inc., Buildsoft Pty Ltd., Corecon Technologies, Inc., Heavy Construction Systems Specialists, Inc., and PlanSwift Software among others.
Recent key developments in the construction estimating software industry include:
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available For |
2015-2021 |
|
Market Analysis |
US$ Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Construction Estimating Software Market by Product
Construction Estimating Software Market by End User
Construction Estimating Software Market by Deployment
Construction Estimating Software Market by Region
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The global construction estimating software market is estimated at a 4.5% growth rate during the forecast period of 2022-2032
The global construction estimating software market is expected to garner US$ 556.0 Million by 2032
U.S is projected at US$ 198.0 Million while exhibiting a 4.3% CAGR from 2022-2032.
Japan is expected to procure US$ 32.2Million while recording an 2.9% CAGR in the forecast period
The Global construction estimating software market was estimated at US$ 340.0 Million in 2021
By product construction accounting segment is expected to take a lead while recording a CAGR of 4.5% from 2022-2032.
